Global vehicle brand Tata Motors has officially completed the acquisition of IVECO Group, finalising the deal worth approximately 3.8 billion Euros.
As of the end of October, the deal is final, with Tata Motors acquiring approximately 89.42 per cent of shares in IVECO Group.
The result is IVECO Group has become part of Tata Motors, with the acquisition including everything except IVECO’s defence business.
Together, IVECO and Tata Motors’ commercial vehicle business
Together, IVECO and Tata Motors’ commercial vehicle business will have combined revenues of 22 billion Euros split across Europe, India and the Americas.
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Tata Motors chairman Natarajan Chandrasekaran says the combined group will be better positioned to invest in and deliver innovative, sustainable mobility solutions by leveraging both supplier networks to serve customers globally.
“This is a logical next step following the demerger of the Tata Motors Commercial Vehicle business and will allow the combined group to compete on a truly global basis with two strategic home markets in India and Europe,” Chandrasekaran says.
The combined group’s complementary businesses and greater reach
“The combined group’s complementary businesses and greater reach will enhance our ability to invest boldly.”
The acquisition has seen IVECO change its global board, with Chandrasekaran becoming the chair of IVECO’s board while Olof Persson remains as CEO of the brand.
